Cfa Approved Calculators

Determine if your device meets the strict criteria for cfa approved calculators established by the CFA Institute. Verify before exam day.

What Are CFA Approved Calculators?

The Chartered Financial Analyst (CFA) Institute maintains an extremely strict policy regarding the devices permitted during exams. CFA approved calculators are the only electronic devices allowed on an exam candidate’s desk. The policy is designed to ensure a level playing field and prevent cheating through stored formulas, text, or external communication.

Unlike many university exams that permit graphing calculators, the CFA exam explicitly forbids them. Candidates often misunderstand this policy, assuming any “financial calculator” is acceptable. However, if a device is not on the specific list of cfa approved calculators, proctors will confiscate it before the exam begins, leaving the candidate without a computational tool.

There are currently only two authorized calculator lines: the Texas Instruments BA II Plus (including the Professional model) and the Hewlett Packard 12C (including various editions like the Platinum). Any other device, regardless of its functionality, is generally prohibited.

CFA Approved Calculators: The “Formula” for Compliance

The “formula” for determining if a device ranks among cfa approved calculators isn’t mathematical, but rather a set of binary policy constraints defined by the CFA Institute. A calculator is compliant only if it meets the specific model requirements AND passes negative constraint checks.

The core compliance criteria can be broken down into the following variables:

Variable / Criteria	Meaning	Required State for Approval	Typical Non-Compliant Range
Explicit Model Match	Is the calculator a TI BA II Plus or HP 12C variant?	Yes	No (e.g., TI-84, HP 10bII+)
Text Programmability	Can the device store alphanumeric text or custom formulas?	No	Yes (Graphing calculators)
External Communication	Does it have WiFi, Bluetooth, or Infrared capability?	No	Yes (Smart devices, some advanced calculators)

Table 1: Key variables defining CFA calculator compliance.

Practical Examples of Compliance Checks

Here are real-world scenarios demonstrating how different devices fare when evaluated against the criteria for cfa approved calculators.

Example 1: The Standard Candidate

A candidate purchases a Texas Instruments BA II Plus Professional specifically for the Level I exam.

• Model Input: BA II Plus Family
• Programmable Text Storage: No
• External Communication: No
• Compliance Result: APPROVED. The device is explicitly named in the policy and possesses no forbidden features.

Example 2: The University Student

A finance major attempts to use their trusty TI-84 graphing calculator, which they used throughout college.

• Model Input: Graphing Calculator
• Programmable Text Storage: Yes (Can store notes and formulas)
• External Communication: Sometimes (depending on model/accessories)
• Compliance Result: NOT APPROVED. Despite being a powerful financial tool, its ability to store text violates the core tenets of cfa approved calculators policies.

How to Use This Compliance Calculator

This tool is designed to help you assess the likelihood of your calculator being permitted. Follow these steps:

1. Select Calculator Model Family: Choose the option that best describes your device. If you have one of the two explicitly permitted models, select them directly.
2. Answer Feature Questions: Be honest about whether your calculator can store text (beyond simple cash flow numbers) or communicate wirelessly. Most standard approved models cannot do these things.
3. Analyze Results: The tool will provide an immediate “Approved” or “Not Approved” status.
4. Review Intermediate Values: Look at the “Violation Risk Level.” A “High” risk means the device will almost certainly be confiscated. The chart visually represents how close your device’s features are to the allowed threshold.

Decision Guidance: If the result is not “Approved,” do not attempt to bring that calculator to the exam center. Purchase one of the officially recognized cfa approved calculators immediately to begin practicing.

Key Factors Affecting Calculator Approval

Several critical factors determine why the list of cfa approved calculators is so short. Understanding these helps grasp the seriousness of the policy.

• CFA Institute Policy Updates: The Institute is the final authority. While the two main models have been standard for years, policies can theoretically change. Always verify the official CFA Institute website before an exam.
• Alphanumeric Text Storage: This is the primary differentiator. Devices that can act as “cheat sheets” by storing definitions or complex formulas are strictly forbidden to maintain exam integrity.
• Programmability vs. Financial Functions: CFA approved calculators have built-in financial functions (like Net Present Value or Internal Rate of Return). This is distinct from “programmability,” which implies user-defined functions or text storage.
• External Communication (Wireless): Any ability to transmit or receive data (WiFi, Bluetooth) presents a severe security risk for exam content and is grounds for immediate disqualification.
• Printing Capability: Devices that can produce hard copy output are not permitted due to the noise distraction and potential for sharing information.
• Visibility of Modifications: If an approved calculator appears tampered with, or has unauthorized cases or peripheral devices attached, proctors may still reject it.

Frequently Asked Questions (FAQ)

• Q: Can I bring two cfa approved calculators to the exam?
  A: Yes. Many candidates bring a backup calculator in case of battery failure. Both must be approved models.
• Q: Is the HP 10bII+ one of the cfa approved calculators?
  A: No. While it is a popular financial calculator, it is not on the specific approved list defined by the CFA Institute.
• Q: Do proctors actually check calculators?
  A: Yes. Proctors are trained to inspect calculators before the exam begins. They will look at the model number and may ask you to reset the memory.
• Q: What happens if my calculator is confiscated?
  A: You will have to take the exam without a calculator. The test center will not provide one.
• Q: Should I replace the battery before the exam?
  A: Yes, it is highly recommended to install a fresh battery in your cfa approved calculators a few days before the exam to ensure reliability.
• Q: Do I need to reset my calculator before entering the exam room?
  A: Proctors may instruct you to reset the calculator’s memory to factory defaults upon entry. Know the keystrokes to do this for your specific model.
• Q: Is the TI BA II Plus “Professional” worth the extra cost over the standard version?
  A: Both are cfa approved calculators. The Professional version has a sturdier build and easier battery access, which many candidates prefer for peace of mind.
• Q: Can I use a calculator watch?
  A: No. Smartwatches and calculator watches are not permitted.

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